P&C Insurance BPO Services Vendors: Global Insurance Edition

Since 2011, Celent has been analyzing and evaluating BPO vendors. The 19 global vendors profiled in this report offer business process outsourcing (BPO) services or third-party administration (TPA) services for the global life insurance industry. Although not an exhaustive list, the report captures a wide cross-section of the available vendors and BPO and TPA services functions available to life insurers.

P&C insurers are grappling with the impact of inflation, geopolitical uncertainties, and climate change at the same time that customers are increasingly seeking personalised and flexible coverage options and interactions that align with their unique needs and lifestyles. In response to these circumstances and financial pressures, insurers are seeking operational and technological strategies to improve efficiency, accelerate time to market, and explore innovative business models.

Business Process Outsourcing (BPO) presents insurers with an opportunity to reduce costs, address operational issues, unlock new growth opportunities, and access talent pools. While the initial focus of the BPO sector was on back-office operations, the COVID-19 pandemic has further emphasized the need for outsourcing client-facing transactions, data mining of client data, and fraud management.

The advancement of technology and the wide range of capabilities offered by BPO providers are enabling insurers to reimagine their operating models and achieve their desired business outcomes. Increasingly, BPO deals are shifting towards outcome-based models, where the pricing is tied to the results achieved. Insurers have a variety of models to choose from, allowing them to align their outsourcing strategies with their specific needs and goals.

Outsourcing provides insurance companies with the advantages of scalability and flexibility, allowing them to swiftly adapt to changing business requirements. As insurers strive to reduce costs and enhance agility, the insurance BPO market continues to expand. While BPO has traditionally concentrated on enhancing back-office operations, there is now a stronger emphasis on digitally empowering crucial non-core functions.

In addition to this report, we recommend you visit VendorMatch to learn more about each vendor profiled in this report and the others that will join VendorMatch once this report is published.